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10 Terms

1
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Lack of management expertise
A key reason for business failure due to insufficient skills or knowledge to run the business effectively.
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Involuntary cessation
A situation where a business ceases operations due to external pressure from creditors.
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Voluntary cessation
When a business owner decides to stop operating the business to prevent further debt accumulation.
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Bankruptcy
A declaration that a business or person cannot pay their debts, which can be voluntary or involuntary.
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Realisation
The process of converting a business’s assets into cash.
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Voluntary Administration
A process in which an independent administrator is appointed to operate a company that is insolvent, with the hope of resolving its financial issues.
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Liquidation
The process of winding up a company, where its assets are sold to pay off creditors.
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Receivership
A state in which a receiver is appointed by creditors or the courts to manage a business's affairs, without necessarily closing the business.
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Insolvent
A condition where a company cannot pay its debts as they fall due.
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Creditors
People or businesses to whom money is owed.